Insurtechs and key industry figures who have been a part of the Lloyd’s Lab and driving innovation forward in the market gathered in the Underwriting Room earlier this month to celebrate the initiative’s fifth birthday. 

Lloyd’s CEO John Neal delivered a speech commending the Lab’s support of more than 100 insurtechs. 

“The Lab is definitely one of the things we’re most proud of at Lloyd’s,” Mr Neal said. "It brings people together to solve complex problems and find solutions to help people become...more resilient.” 

Established in 2018, with the InsurTech Accelerator as its core program, the startups have raised a billion dollars of collective capital and have a 95% success rate. The Lab has since expanded with Launchpad, Futureminds, and ICX programs. 

The global reach of the Lab has also grown, with the most recent cohorts taking on region-specific themes, enhancing collaboration between London insurtech sectors with Europe and Asia Pacific. 

An inaugural Lloyd’s Lab Challenge, in collaboration with Moody’s analytics, will focus on developing an emissions accounting solution for the insurance market.  

A dozen teams that will make up the 11th cohort of the Lloyd’s Lab were named last month.